Greenfire Resources Inc. and M3-Brigade Acquisition III Corp. Announce US$950 million Business Combination

CALGARY, AB, and NEW YORK, Dec. 15, 2022 /CNW/ -- Greenfire Resources Inc. ("Greenfire"), a Calgary-based energy company focused on the sustainable production and development of thermal energy resources from the Athabasca region of Alberta, Canada, and M3-Brigade Acquisition III Corp. (NYSE: MBSC), a New York Stock Exchange listed special purpose acquisition company ("MBSC"), announced today that they have entered into a definitive agreement for a business combination (the "Business Combination") that values Greenfire at US$950 million. The closing of the Business Combination is expected to occur in Q2 2023 and upon closing Greenfire Resources Ltd. ("GRL" or the "Combined Company") will become the parent of both Greenfire and MSBC. GRL is a newly created corporation incorporated under the laws of the province of Alberta to participate in the Business Combination. Following completion of the Business Combination, GRL is expected to continue to be managed by Greenfire's current executive team. The Combined Company will remain focused on optimizing Greenfire's existing production and facilities, with the objective of further enhancing its cash operating netbacks and free cash flow per barrel, with the intention to return capital to its stakeholders over time.